I have substituted ROI and CAP, hopefully not incorrectly), or if you need more information.Thank you,Jim

Often times, in the more expensive markets, creativity can substitute capital.

Of course, there's no substitute for insight from locals :) Happy to answer any questions I can! 

As another poster mentioned, this isn't a substitute for title insurance, but does allow for a quick look as to the reasonableness of a verbal comment.With an unrecorded, but executed mortgage you're essentially in the same position as an unsecured lender at origination; however, have the ability to record the mortgage at some future point to become a secured lender (ignoring BK look back rules). 

No substitute for experience! 

There is no substitute for Underwriting your own deals!

There will never be any substitution for these cities because of their very nature; you just can't create another one of those.

Just substitute your numbers for the numbers I wrote and run your own scenario.

On the other hand; a sharp sword in the hands of a child (substitute in-experienced if you prefer <g>) can easily result in injury to the person wielding it.

I might be reading your first few sentences out of context, but please be clear that a lender will NOT substitute your college credits as work experience.